Impact of Financial Education on the Management and Sustainability of Microfinance in Ecuador
DOI:
https://doi.org/10.55204/trc.v5i1.e472Keywords:
Financial education, microfinance, financial sustainability, financial inclusion, microcreditsAbstract
This article analyzes the impact of financial education on the management and sustainability of microfinance in Ecuador. Microfinance facilitates access to financial services for traditionally excluded sectors, but the success of economic management depends on the financial education of beneficiaries. Empirical evidence shows that beneficiaries who receive financial training achieve better resource management, higher returns, and lower default rates. The methodology used was a systematic literature review from recognized databases (Scopus, Web of Science, SciELO, and Google Scholar), analyzing 35 relevant documents from 2010 to 2024. The results suggest that higher financial education is associated with better financial decision-making and greater ability to mitigate credit risk. Three key strategies are proposed to strengthen financial education: (i) training aimed at microentrepreneurs and vulnerable sectors, (ii) institutional strengthening of MFIs through training programs, and (iii) development of public policies to promote transparency and financial inclusion. Strengthening financial education is essential to improve the sustainability of microfinance and economic stability in Ecuador.
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